ABSTRACT
Raising money was a strong motivation for all respondents, getting public attention was relevant (or highly relevant) for over 85%, and obtaining feedback for the product/ service offered was relevant (or highly relevant) for about 60% of the respondents. Many of them combine crowdfunding with other sources of finance, notably with own money, friends & family money, business angel and government subsidy. Consistently with Panel A, 76.5% offer their crowdfunders a reward, mostly in the form of right to receive the product (66.7% of the cases of these 76.5% of the sample) or shares that may yield dividends in the future (33.3%). Direct cash payment is expected in 22.2% of the cases where a reward/return is promised. We note that, in 66.7% of the cases, other forms of reward are offered, e.g., being credited on an album or a film, receiving the possibility to transfer money to a charity of one’s choice.
